Select Page

PaymentFacilitator’s News Roundup is a curated mix of the past week’s news and articles from around the web, including company announcements, global payments news, and other coverage and analysis of topics relevant to payment facilitators.

Fresh Funding

MobiKwik secures a new funding round. The Indian payment facilitator has secured about US$29.5 million in funding, with $4.8 million of that from a growth round. This latest funding round values the company at about $414 million, up 31% from its previous round. From TechStory.

COVID-19 Impact

Indian PF Razorpay data shows changes in consumer behavior due to the coronavirus outbreak. The company shared data from transactions on its platform between February and March. Online travel bookings fell by 30% and hospitality payments decreased by 12%. Overall spending on the platform increased by 10%, with online grocery shopping growing 9%. Government and utility payments have grown by 30% as a population has heeded advice to stay home. From The Economic Times.

Payment transaction data is telling a different story in China. The Chicago Tribune quotes data from Tencent indicating that payments were down during February and early March as merchants – particularly smaller merchants accepting QR codes – were not operating. More recently, however, transaction volume from QR codes has increased again. “We are seeing a recovery,” the publication quoted Tencent chief strategy officer James Mitchell as saying. From The Chicago Tribune.

COVID-19 Support

Shopify supports small businesses with additional capital. The company is making an additional $200 million available to its merchant customers impacted by the coronavirus outbreak through its Shopify Capital offering. Shopify Capital focuses on small starter loans to eligible merchants. From BetaKit.

Fitness platform ClassPass is helping its studios offer live-streamed workouts. The company is resurrecting a video streaming product it launched in 2018 (and later closed) to enable its studios to meet skyrocketing demand for at-home workouts. All of the revenue from the online classes will go to the studios. From TechCrunch.

Industry news

Square: Square Updates First Quarter 2020 Revenue and Gross Profit Outlook for COVID-19

LegitScript: Price Gouging from Coronavirus Opportunists Poses Risk

LegitScript: As Coronavirus Spreads, So Do Fake, Unapproved, and Ineffective Test Kits

Paytm: Here’s How We Have Joined India’s Fight Against COVID-19

Fiserv: Fiserv to Enhance Omni-commerce Experience with Acquisition of Bypass Mobile

Paytm: Calling All Innovators — Let Us Fight COVID-19 Together!

SumUp: SumUp to Offer Free Mobile Payments to EU Merchants

Curacubby: Curacubby Offering Free Communication, Billing and Payment Tools to Schools Nationwide During the COVID-19 Outbreak Digital Payments in Europe to Surpass $802bn Transaction Value This Year

Financial Innovation Now: FIN Calls on Congress to Help Small Businesses ASAP – Use Speedy Alternative Lenders to Distribute Stimulus Loans